Egypt’s NUCA To Sign Final Settlement Contracts By January

Egypt’s New Urban Communities Authority (NUCA) plans to sign the last contracts which shall settle the current disputes a number of real estate developers in the next early month and with the consent of all parties without resorting to arbitration centers.
Eng. Nabil Abbas, vice chairman of NUCA, said he agreed with a number of developers, notably Damac, SODIC, Orascom and Al Futtaim, to settle the problems of each one of them, and to make the contract includes all the terms of agreement, which will be announced transparently when it will be signed. Abbas noted that the contracts now are being under the process of legal review.  Eng. Abbas rejects to reveal any conditions of these adjustments until the contracts are signed, confirming that these conditions preserve the state’s right putting into consideration not harming the investors’ businesses.

Moreover, he indicated that NUCA has no intention to go through disputes with the investors as it is important to unite in order to achieve the development which the authority can not achieve it alone adding that the general trend for the government promotes this strategy with both local and foreign investors.

Furthermore, NUCA’s Vice Chairman revealed that Army Force has finished the implementation of its units in the Army and People City where it will be delivered by the end of December as now Utilities are being delivered.